Poseidon Funding Administration, a San Francisco-based hashish hedge fund operator, has invested in one other New Jersey retailer, its third financing deal in that market since mid-December.
Poseidon Managing Director Patrick Rea confirmed to MJBizDaily the agency invested about $1 million for preliminary capital prices in Herb Haus, a social fairness retailer in Carlstadt based by Joe Kanegieser.
Herb Haus, which is positioned close to main occasion facilities such because the Meadowlands Sports activities Advanced and MetLife Stadium, is a recipient of the New Jersey Financial Improvement Authority’s Hashish Fairness Grant Program, based on a information launch.
“That is an distinctive location that’s stuffed with alternative to introduce a really various set of consumers visiting the Meadowlands Sports activities Advanced to New Jersey’s most interesting state-legal hashish,” Rea stated in a press release.
“We anticipate Herb Haus to grow to be the very best performing retailer within the tri-state space.”
Poseidon’s launch cited Hashish Regulatory Fee information that marijuana gross sales in New Jersey elevated 25% in 2024 regardless of practically two-thirds of the state’s 564 municipalities prohibiting adult-use retail.
Municipal opt-outs have a been a nationwide problem that has stunted the expansion of the trade in a number of markets, together with California and New York.
In December, Poseidon invested about $1 million every to fund the startup and build-out prices for New Jersey hashish retailers Blkbrn and Dogwood Inexperienced.
